Wednesday, January 25, 2006
In Quicken, to calculate the loan principal amount, select the Loan Amount option button under Calculate For in the Loan Calculator dialog box. Then enter all the other variables.
For example, those monthly payments of $29,977.53 for the monster mansion seem a little ridiculous. So calculate how much you can borrow if you make monthly payments of $1,500 over 30 years and the annual interest rate is 6 percent:
Select the Loan Amount option button.
Type 6 in the Annul Interest Rate text box.
Type 30 in the Number of Years text box.
Type 12 in the Periods Per Year text box.
Type 1500 in the Payment Per Period text box.
After you click the Calculator button or move the selection cursor, the Loan Calculator computes a loan amount of $250,187.42.
For example, those monthly payments of $29,977.53 for the monster mansion seem a little ridiculous. So calculate how much you can borrow if you make monthly payments of $1,500 over 30 years and the annual interest rate is 6 percent:
Select the Loan Amount option button.
Type 6 in the Annul Interest Rate text box.
Type 30 in the Number of Years text box.
Type 12 in the Periods Per Year text box.
Type 1500 in the Payment Per Period text box.
After you click the Calculator button or move the selection cursor, the Loan Calculator computes a loan amount of $250,187.42.
